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Investment in Relationship-Specific Assets: Does Finance Matter?
Strieborny, Martin; Kukenova, Madina - CESifo - 2011
and short-term planning horizon can also lead to such underinvestment. Subsequently, banks can stimulate growth …
Persistent link: https://www.econbiz.de/10008853853
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The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries
Degryse, Hans; Lambert, Thomas; Schwienbacher, Armin - CESifo - 2013
Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty...
Persistent link: https://www.econbiz.de/10010877814
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Ethnic Fractionalization, Governance and Loan Defaults in Africa
Andrianova, Svetlana; Baltagi, Badi H.; Demetriades, Panicos - CESifo - 2014
We present a theoretical model of moral hazard and adverse selection in an imperfectly competitive loans market that is suitable for application to Africa. The model allows for variation in both the level of contract enforcement (depending on the quality of governance) and the degree of market...
Persistent link: https://www.econbiz.de/10010948811
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Financial Development and Income Inequality: A Panel Data Approach
Jauch, Sebastian; Watzka, Sebastian - CESifo - 2011
We analyze the link between financial development and income inequality for a broad unbalanced dataset of up to 138 developed and developing countries over the years 1960 to 2008. Using credit-to-GDP as a measure of financial development, our results reject theoretical models predicting a...
Persistent link: https://www.econbiz.de/10009391726
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'By a Silken Thread': Regional Banking Integration and Pathways to Financial Development in Japan's Great Recession
Hoffmann, Mathias; Okubo, Toshihiro - CESifo - 2013
lending by nationwide banks and lower GDP growth. We explain these cross-prefectural differences in banking integration by …
Persistent link: https://www.econbiz.de/10010607005
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Is the Relationship between Financial Development and Economic Growth Monotonic? Evidence from a Sample of Middle Income Countries
Samargandi, Nahla; Fidrmuc, Jan; Ghosh, Sugata - CESifo - 2014
We revisit the relationship between financial development and economic growth in a panel of 52 middle income countries … financial development does not have a linear positive long-run impact on economic growth in this sample. When we consider a non …-linear relationship between financial development and growth, we find an inverted U-shaped relationship between finance and growth in the …
Persistent link: https://www.econbiz.de/10010757725
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Asset Allocation and Monetary Policy: Evidence from the Eurozone
Hau, Harald; Lai, Sandy - CESifo - 2014
The eurozone has a single short-term nominal interest rate, but monetary policy conditions measured by real short-term interest rates varied substantially across countries in the period 2003-2010. We use this cross-country variation in the (local) tightness of monetary policy to examine its...
Persistent link: https://www.econbiz.de/10010948820
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A Critique of the Literature on the US Financial Debt Crisis
Stein, Jerome L. - CESifo - 2010
A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price bubble led to the financial crisis that started in 2007. There is a large empirical literature concerning the relation between asset price bubbles and financial crises. I evaluate...
Persistent link: https://www.econbiz.de/10008534053
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Application of Stochastic Optimal Control to Financial Market Debt Crises
Stein, Jerome L. - CESifo - 2009
This interdisciplinary paper explains how mathematical techniques of stochastic optimal control can be applied to the recent subprime mortgage crisis. Why did the financial markets fail to anticipate the recent debt crisis, despite the large literature in mathematical finance concerning optimal...
Persistent link: https://www.econbiz.de/10005094473
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Do Natural Disasters Stimulate Individual Saving? Evidence from a Natural Experiment in a Highly Developed Country
Berlemann, Michael; Steinhardt, Max; Tutt, Jascha - CESifo - 2015
While various empirical studies have found negative growth-effects of natural disasters, little is yet known about the … microeconomic channels through which disasters might affect short- and especially long-term growth. This paper contributes to …
Persistent link: https://www.econbiz.de/10011277182